-- Posted Wednesday, 25 April 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $684.00 | +$0.30 |
Silver | $13.74 | -$0.02 |
XAU | 142.66 | +1.26% |
HUI | 351.32 | +0.92% |
GDM | 1114.17 | +1.23% |
JSE Gold | 2911.40 | -0.44% |
USD | 81.43 | -0.09 |
Euro | 136.42 | +0.20 |
Yen | 84.24 | -0.04 |
Oil | $65.84 | +$1.26 |
10-Year | 4.646% | +0.024 |
T-Bond | 111.50 | -0.21875 |
Dow | 13089.89 | +1.05% |
Nasdaq | 2547.89 | +0.92% |
S&P | 1495.42 | +1.0% |
The Metals:
Gold traded on either side of unchanged in Asia before it found about $2 gains in London, but it then fell back off in late New York trade and ended with a gain of just 0.04%. Silver remained near unchanged in Asia and London before it rose to about $13.85 in morning New York trade, but it also fell back off in late trade and ended at its low of the day with a loss of 0.15%
Euro gold remained at about €502, platinum lost $1 to $1,298, palladium gained $2 to $378, and copper rose nearly 10 cents to about $3.64.
Gold and silver equities rose nearly 1% at the open before they fell back near unchanged over the next hour of trade, but they then steadily rose throughout the rest of the day and ended with about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Mar | 3.4% | 2.5% | 2.4% |
New Home Sales | Mar | 858K | 890K | 836K |
The fed’s Beige Book noted weakness in housing and autos, generally stable consumer prices, and a tight labor market.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/20 expected at 330,000 and at 10AM is the Help-Wanted Index for March expected at 31.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as gasoline inventories fell larger than expected on refinery problems that have had a bigger impact than most expected recently. Refinery utilization was expected to rise, but it instead fell 2.6% to 87.8%. Crude inventories built 2.1 million barrels, gasoline inventories fell 2.8 million barrels, and distillates were unchanged.
The U.S. dollar index found small gains after Durable Goods Orders came in better than expected, but it then fell back off and ended at a new 2 year low after New Home Sales came in worse than expected. The euro rose near an all-time high versus the dollar as German business sentiment came in better than expected.
Treasuries remained near unchanged on mixed economic data, but they ultimately ended lower as the major stock indices rose markedly.
The Dow, Nasdaq, and S&P rose roughly 1% on better than expected earnings. The Dow rose past 13,000 to a new all-time high and the Nasdaq and S&P rose to new 6 year highs.
Among the big names making news in the market today were Exxon, Motorola, Alcoa, ABN Amro, ConocoPhillips, Apple, General Dynamics, WellPoint, UPS, Boeing, Colgate-Palmolive, and PepsiCo.
The Commentary:
“June Gold finished down 0.3 at 687.4, 2.6 off the high and 1.2 up from the low.
May Silver closed down 0.017 at 13.765. This was 0.015 up from the low and 0.12 off the high.
The gold market seemed to start out on a positive footing with a number of positive fundamental developments in the overnight trade. With oil prices firm, the Dollar weak and the initial US scheduled data coming in stronger than expected it appeared as if the gold market was poised for an aggressive rally. However, with the new home sales report partially disappointing the trade and the platinum market showing some mid session weakness, it seemed as if sentiment toward gold and silver weakened into mid session. While some gold bulls were fearful of a slight mitigation in the geopolitical tensions with Iran, one could have expected a firm run up in energy prices to have provided some support to gold but that wasn't the case. In the end, the weakness in the Dollar seems to have lost part of its importance to gold and apparently the macro economic outlook isn't strong enough to put the bulls fully in control of the market.
With the stock market showing strength and the copper market managing a very impressive rally, one might have expected the silver market to de-link with the gold market and post a moderate rally. However, one gets the sense that the bull case has become a little stale and that the silver market is either in need of better US numbers or a sharper slide in the US Dollar. For the time being silver seems to have de-linked with the equity, copper and platinum markets.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russia to get more aggressive investing oil revenue
Bank of England's governor predicts sharp decline in inflation
Chinese central banker urges diversifying into gold, oil, metals
The Statistics:
As of close of business: 4/24/2007
Gold Warehouse Stocks: | 7,680,192 | - |
Silver Warehouse Stocks: | 129,429,828 | - 1,803,776 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 493.33 | 15,860,940 | US$ 10,916m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 89.75 | 2,885,617 | US$ 1,973m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.50 | 369,228 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,724 | US$ 251m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 1.54 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/24/2007 | |
Total Net Assets | $983,258,810 | Ounces of Gold
in Trust | 1,437,467.912 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.71 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/24/2007 | |
Total Net Assets | $1,905,779,971 | Ounces of Silver
in Trust | 135,879,074.200 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,226.31 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Harmony’s (HMY) quarterly profit, Freeport’s (FCX) first-quarter 2007 results, Fronteer’s (FRG) drill results, Exeter’s (XRA) drilling approval, IAMGOLD’s (IAG) new management appointments, Minco’s (MGH) new vice president of exploration, Newmont’s (NEM) investment in Indonesia, Endeavour’s (EXK) silver production, SNS Silver’s (SNS.V) drilling, and Minefinders’ (MFN) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +7.65% $3.94 |
2. U.S. Energy | USEG+5.08% $6.42 |
3. Entree Gold | EGI +4.93% $2.34 |
LOSERS
1. Kimber | KBX-10.14% $1.33 |
2. Banro | BAA-3.79% $10.41 |
3. Orezone | OZN -3.33% $2.03 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Yankee Hat Announces Encouraging Drilling Results From Fran; Best Grade: 17.30 g/t Gold Over 1.5 Meters - More
- April 25, 2007 | Item | E-mail
Harris Exploration Inc. Announces Advisory Board Appointment - More
- April 25, 2007 | Item | E-mail
New Island Resources Inc.: Activity Report - More
- April 25, 2007 | Item | E-mail
Uranium Hunter Enters Into Letter of Intent With NPK Resources Ltd. on Uganda Uranium Property - More
- April 25, 2007 | Item | E-mail
Drilling Underway at Astral's Saluda Gold Project in South Carolina - More
- April 25, 2007 | Item | E-mail
Skyline Announces Receipt of NI 43-101 Report on Johnny Mountain Claims - More
- April 25, 2007 | Item | E-mail
Uranerz Energy Corporation: Cochrane River, Athabasca Basin Project Update - More
- April 25, 2007 | Item | E-mail
Endeavour Reports Record Silver Production in Q1, 2007, Up 63% to 491,000 oz - "Silver production jumped 63% in Q1, 2007 compared to 300,872 oz in Q1, 2006 and rose 33% compared to the 369,295 oz produced in Q4, 2006. Endeavour's silver production is also 10% ahead of schedule to meet the Company's 2007 production forecast of 2.6 million oz silver from the Guanacevi Mines." More
- April 25, 2007 | Item | E-mail
Donald Crossley Appointed CFO of Soho Resources - More
- April 25, 2007 | Item | E-mail
Roxmark shares to commence trading on TSX Venture Exchange - More
- April 25, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold & Silver End Mixed and Near Unchanged